London, UK – April 24, 2026 – In a significant move to curb illicit financial activities, the United Kingdom's Financial Conduct Authority (FCA) has successfully disrupted its first-ever illegal peer-to-peer cryptocurrency trading operation, targeting eight individuals across London. The operation, conducted in collaboration with other agencies, saw the individuals issued with immediate cease-and-desist letters, demanding an end to their unregistered trading activities.
Steve Smart, executive director of enforcement and market oversight at the FCA, stated, “Unregistered peer-to-peer crypto traders operating in the UK are doing so illegally and pose a financial crime risk. We will use our powers and work with partners to disrupt them.” Legal specialists have lauded the FCA's proactive stance, viewing it as a clear signal of the regulator's commitment to combating financial crime and enforcing anti-money laundering regulations. Imogen Makin, counsel at law firm WilmerHale, commented, “The FCA's action today demonstrates the regulator's continuing focus on crypto and tackling financial crime. The resources and coordination deployed in this operation show that the FCA isn't just making statements about its areas of focus, it is acting on them.”
Meanwhile, the cryptocurrency market is seeing a notable recovery, particularly for Bitcoin. Despite trading approximately 38% below its October 2025 peak, Bitcoin has shown resilience, with US spot Bitcoin ETFs attracting substantial inflows. These ETFs saw $1.32 billion in March and an additional $2.42 billion between April 6th and 22nd, reversing a previous outflow streak. Analysts point to institutional inflows, corporate buying, and a generally improving risk appetite as key drivers for Bitcoin's upward momentum. The cryptocurrency is currently testing a critical resistance zone between $77,800 and $80,000, with a decisive break above this level potentially paving the way towards $87,000 and even a long-term target of $150,000, according to some market observers.
In other market news, the DeFi sector experienced a significant exploit with KelpDAO reporting a loss of approximately $295 million due to a bridging adapter issue. This has prompted a coordinated response from various DeFi players, including Mantle proposing a loan of up to 30,000 ETH to Aave DAO to address the resulting bad debt. Separately, a new crypto project named Pepeto has garnered significant attention, reportedly raising $9.5 million in its presale and anticipating a Binance listing.